All Forum Posts by: Roy Oliphant

It seems like it should be a bubble but there are still significant numbers moving into the area of both people and jobs.  Still, it makes it very hard because there is no historical pricing model that still works for the area.  How hot can an area get before the lower prices from converting the next open field makes it worth moving and dealing with the additional drive time?  Depends on how much money the immigrants keep bringing. 

@Ken Rishel

Didn't expect it would be.  In fact, it seems very reasonable for that type of information.  My challenge was that without mention of the cost, there is no way to determine if I would be interested.  As you said, these are $5000 / day guys and thus no way to guess the cost

Thanks for the info!  Sounds like a good way to invest some time.

Is this free to attend?

@Matt Bell

Can you buy my lottery tickets?  Congratulations! 

May I ask why Montgomery seemed like the right place to do a remote flip of this magnitude?

@Brian Gawronski

Brian - As a newbie to Birmingham I have to ask if you have Johnny Ray's BBQ and tried any of the cream pies?  That alone made me start looking for a place to invest in there so I'd have an excuse get out there.

Welcome!

@Roland Thomas

Texas law allows for a 2 year redemption period if the property is a homestead; generally understood to mean that the owner occupied the property when the tax suit was filed. 

@Samuel S.

Taxes  generally have priority over the mortgage and other liens.  Check the state law where you are looking to invest.  Some states give the mortgage holder special redemption rights.

@Taylor Mitcham

A serious advantage I see in MH for this is the 'mobile' part.  Detroit's abandoned homes (resulting from a significant population decline) sell for so little because they are only valuable if you want to live in Detroit.  A mobile home in Williston may have enough value to move it to Texas where the population continues to grow.  Yes the cost of moving is high but so is the opportunity cost of abandoning it in Williston waiting for the next oil boom that may be 10 years down the road. 

Being local, you should be able to easily find the best MHs available and follow the pricing trends so you will know what a good offer will be.  Hook up with someone on the other end that knows the local market in a better area (like most of Texas) and both of you can make something of this.

@James Wise  Generally there is no garnishment in Texas

@Karen P.  Oh, were it always so easy!  It should be, the law says it is: Just hope you don't get in a court with a tenant friendly judge.  Heard of one the other day that said because the tenant refused to sign for the certified notice of eviction and thus didn't get it 10 days before the court date, he wasn't properly noticed and issued a postponement.  Then said since there was a new court date the tenant would have to be notified again.  Just saying its not always as easy as it should be

@Yenlan Patton All that said, you really should do the eviction properly. You sure don't want them to get a lawyer and sue you for breach because you rent the property to someone else before their lease expires. It seems harder than it is but it is part of REI that must be dealt with. Unfortunatel its not the only time it will happen to you. If you learn you cant deal with the drama, then that tells you something important for your future investing: Find a good property manager or look for more passive ways into REI.

@Nicholas Armstrong

When you say 'here' I'm sure you have specific neighborhoods in mind. 

I suspect Birmingham is much like elsewhere with good areas, better areas and not so good areas

For example, I've heard good and bad regarding Center Point and Pinson.  Would you put you money in Ensley? 

This seems a bit too broad to be correct. EMD is refundable if the exception clauses in the contract aren't met (usually financing, time limit or specific repair requests). If the buyer just "bails", they could lose the EMD for non-performance. In a seller's market, as most of Texas is, the EMD may be seen as potential compensation for taking the property off the market for some time.